REG - UK Oil & Gas PLC - Employee Benefit Trust Share Subscription

UK Oil & GasAnnouncement

22/02/2024 16:45

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RNS Number : 1700E  UK Oil & Gas PLC  22 February 2024

UK Oil & Gas PLC

 

("UKOG" or the "Company")

 

 

Employee Benefit Trust Share Subscription

 

UK Oil & Gas PLC (London AIM: UKOG) announces that, further to the
establishment of the Company's  Employee Benefit Trust ("EBT") in September
2014, and in keeping with similar schemes operated by AIM listed entities, the
directors have agreed to top-up the Company's EBT ordinary shareholding to its
original level of 10% of the Company's issued share capital. Details of the
EBT and the related employee share incentive plan ("SIP") are given in the
Company's prior RNS of 29(th) September 2014.

 

Consequently, the Company's EBT trustees, Altum Trustees Ltd ("Trustees"),
have today subscribed for 3,005,000,000 ordinary shares in the Company ("EBT
Shares") at a price per share of £0.0001, being the Company's nominal share
value and which represents 10% of the Company's enlarged share capital
following the allotment of the EBT Shares. The Company has entered into a loan
agreement with the Trustees to fund the subscription of the EBT Shares by the
Trustees.

 

The EBT Shares shall be held in the EBT on trust pending the transfer upon
vesting (or exercise, as the case may be) of any awards granted by the
Company's Remuneration Committee to eligible employees and directors under the
terms and vesting criteria of the Company's SIP. Details of the grant of any
future awards of EBT Shares will be notified upon determination by the
Company's Remuneration Committee of the beneficiaries of such awards, however
no such determination has been made for the time being.

 

Admission

 

Application has been made for EBT Shares, numbering 3,005,000,000 ordinary
shares in total, to be admitted to trading on AIM ("Admission"). Admission is
expected to take place at 8.00 a.m. on or around 27 February 2024.

 

Following Admission, the total voting rights in the Company will be
32,539,926,104 ordinary shares and Shareholders may use this figure as the
denominator by which they are required to notify their interest in, or change
to their interest in, the Company under the FCA's Disclosure, Guidance and
Transparency Rules.

 

For further information, please contact:

UK Oil & Gas plc

Stephen Sanderson / Guzyal
Mukhametzhanova
                                Tel: 01483
941493

 

WH Ireland Ltd (Nominated Adviser and Broker)
 

James Joyce / Andrew de Andrade / James
Bavister
Tel: 020 7220 1666

 

Communications

Brian
Alexander
Tel: 01483 941493

 

 

The information contained within this announcement is deemed by the Company to
constitute inside information under the Market Abuse Regulation (EU) No.
596/2014, as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018. Upon publication of this announcement, this information
is now considered to be in the public domain.

 

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